DP World Profit Up 30% For 2015
DP’s CEO Sultan Ahmed Bin Sulayem said the result was achieved despite “uncertain” market conditions
Dubai ports operator DP World (F:3DW) has reported a 30.7% increase in annual profit for Y 2015.
The company made $883-M in attributable profit last year, up from $675-M in Y 2014.
Revenue also grew 16.3% from $3.411-B in Y 2014 to $3.968-B last year, partly due to the company’s $2.6-B acquisition of Economic Zones World from its parent company Dubai World, including Jebel Ali Freezone.
It also closed a deal in August for Prince Rupert Port on Canada’s west coast for $457-B.
“This financial performance has been achieved despite uncertain market conditions, which once again demonstrates the well diversified and resilient nature of our portfolio with its focus on high growth markets,” said DP World Executive Chairman and CEO Sultan Ahmed Bin Sulayem.
“In 2015, we have invested approximately $5.4-B with $4-B in acquisitions and $1.4-B in Capex, and this investment leaves us well placed to capitalize on the significant medium to long-term growth potential of this industry.”
Sultan Sulayem, who took up the CEO position in February, said he expects Y 2016 to be another “challenging year” for global trade, but the company’s performance so far was in line with expectations.
It handled 29.11-M 20-ft equivalent units (TEU) last year, up 2.7% from the year before and remains on course to deliver 100 million TEU of capacity by Y 2020, Sulayem said.
By the end of this year the company expects to have approximately 86-M TEU of gross global capacity.
DP World forecasts capital expenditure to total $1.2 to $1.4-B in Y 2016 with investment planned in Jebel Ali Port and Freezone, London Gateway and Prince Rupert.
The company’s ordinary dividend increased 28 to 0.30/share.
By Robert Anderson
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